Commentary & Deal Flow

Strategy Inc (MSTR) EUR775m (EUR620m gross proceeds), 7.75m shares (up from EUR700m and EUR350m) SEC registered 10% series A perpetual stream pfd stock (STRE Stock). NCL (except for certain adverse tax scenarios or if less than 25% of the issued STRE remains outstanding). Not rated (issuer rating NR/B- (--/stable)). Ranks senior to STRK, STRD, and MSTR common stock; ranks junior to STRF, STRC, and debt. Stated amount: EUR100 per share of STRE stock. Via Barc (B&D)/MS/Moelis/SocGen/TD/Canaccord/StoneX jt active books. Off the shelf. List Lux. Delaware law. Pays quarterly, cumulative, March 31, June 30, Sept 30 and Dec 31, beginning 12/31/25. 10% dividend rate. If the Issuer fails to declare a regular dividend on or prior to a given regular record date, such failure will constitute the issuance of a notice of deferral. Subject to the terms of the Issuer's other securities, upon issuance of a notice of deferral, the Issuer shall use commercially reasonable efforts over the following 60-day period to sell STRK, STRD, class A common stock and/or other junior securities to raise proceeds in an amount sufficient to cover any deferred dividends plus compounded dividends thereon. If any Dividends are not paid in full the Dividend rate per annum applicable to such unpaid amount will increase by 100 basis points following each subsequent Dividend period, up to a maximum Dividend rate of 18% per annum (the "Compounded Dividend Rate"), until such Dividends, together with compounded Dividends thereon, is paid in full. Denoms: 100kx1k. Settles 11/13 (T+5). ISIN: US5949728464. Price talk: EUR80-85 (10% div rate). Final terms: EUR700m at EUR80 (10% div rate).

Priced: 10% div rate at EUR80 per share.

Did investor calls and small group meetings 11/04-05. Books closed at 4:30pm UKT / 11:30am NYT 11/06 (originally closing 3:30pm UKT /10:30am NYT 11/06). FTT: 8am UKT 11/07. UOP: GCP, including the acquisition of bitcoin and for working capital. Biz: (f/k/a MicroStrategy) the world’s first and largest Bitcoin Treasury Company. It is a publicly traded company that has adopted Bitcoin as its primary treasury reserve asset. By using proceeds from equity and debt financings, as well as cash flows from our operations, they strategically accumulate Bitcoin and advocate for its role as digital capital. Its treasury strategy is designed to provide investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed-income instruments. In addition, it provides industry-leading AI-powered enterprise analytics software, advancing our vision of Intelligence Everywhere. HQ: Tysons Corner, VA.